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Gifted part of a house/mortgage the other
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Gifted equity and concessionary purchase are two terms which mean exactly the same thing. A relative is giving you some of the value of their home.With the gifted equity, not a concessionary purchase.
I can understand a concessionary purchase could be difficult to get a mortgage, but why would a gifted deposit/equity make it any different, when we bought our first house they gifted us the deposit of £6000 but nothing was ever said about this?
A relative gifting you cash towards your deposit it totally different.
The former is accepted by very few lenders. The latter by most.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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